N.Y. Banking Law § 394: Joint shares; shares of minors; shares in trust

§ 394. Joint shares; shares of minors; shares in trust.

3. When shares shall be issued in the name of a minor they shall be

held for the exclusive right and benefit of such minor and free from the

control or lien of all other persons except creditors, and the

withdrawal value thereof shall be paid to the person in whose name the

shares are held. A receipt or acquittance from such minor shall be a

valid and sufficient release and discharge to the association for all

payments made on account of such shares. When shares have been issued to

a parent, guardian or voluntary trustee for a minor the association may

permit the transfer of such shares to the minor by such parent, guardian

or trustee and in the event of the death of such parent, guardian or

trustee the association may transfer and hold such shares for the

exclusive right and benefit of such minor, upon presentation of

satisfactory evidence of such death and upon the surrender of the

certificate, passbook or other proper evidence of the ownership of such

shares.

4. No association shall be liable to beneficiaries for moneys paid to

their guardians or trustees, unless written notice of limitation upon

the right of such guardians or trustees to withdraw such funds has been

previously filed with the association. The receipt or acquittance of

such guardians or trustees shall be a valid and sufficient release and

discharge to the association for all payments made prior to the receipt

of written notice of such limitation.